Plastic's fantastic as debutant soars 90pc

Business | Avery Chen and Agencies 14 Jul 2020

Local investors shifted their focus to some newly listed companies yesterday, as Hang Seng Index gains were pared in the afternoon after Beijing announced sanctions against US officials and entities.

Two mainland companies made decent Hong Kong debuts yesterday. Shares of Yik Wo International (8659), a mainland manufacturer of plastic food storage containers, rose 90 percent to HK$0.76, while medical service provider Honliv Healthcare Management (9906) rose 15.2 percent to HK$2.42.

Online advertising firm Adtiger Corporations (1163) surged 34.58 percent and Greentown Management (9979), a spinoff of mainland developer Greentown China (3900), grew 28.62 percent on their second trading day in Hong Kong. But other popular new listings, including Ocumension Therapeutics (1477) and Smoore International (6969), which also debuted last Friday, dropped around 5 percent yesterday.

Hong Kong stocks only closed 44.71 points higher at 25,772.12 yesterday, with a turnover of HK$171.6 billion. The Shanghai Composite index was up 1.77 percent at 3,443.29.

Meanwhile, Chinese clinical laboratory operator Adicon, backed by Carlyle Group, plans to list in Hong Kong as soon as the end of this year to raise around US$300 million (HK$2.34 billion) to US$400 million, according to Reuters IFR.

Separately, Chinese biotech company Beigene (6160) plans to raise US$2.1 billion in a direct offering of 145.8 million shares to fund drug research and market its treatments in the United States and China, said the company.

In other news, the Hong Kong dollar is suddenly appearing more vulnerable, after weeks of trading at the strong end of its band against the greenback, while yuan hovered around the key 7 per dollar threshold ahead of economic data this week.

Late on Friday, the Hong Kong dollar weakened in its biggest drop since mid-June, when the exchange rate was buffeted by Beijing's decision to impose laws curbing dissent in the city. The Hong Kong dollar was 0.02 percent stronger as of last night.

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